Compensa premiums increase 63.2% in Baltic countries in 2016

Compensa Vienna Insurance Group (Compensa) racked up EUR 45.15 million in premiums in the Baltic countries last year, which is 63.2 percent or EUR 17.49 million more than in 2015, the company's representatives told LETA. Read the full story

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Latvian insurance companies generated EUR 9.33 million in aggregate 3Q2018 profit, down by 28.5% y-o-y from EUR 13.05 million a year ago, the quarterly figures published by FKTK (Financial and Capital Market Commission) showed.

BMW, Audi and Toyota are the brands most targeted by the car thieves in Latvia, as well as seven to 12 years old automobiles, a representative of BALTA Insurance - member of the PZU Group, stated for the LETA news agency.

SEB - one of the largest life insurers in Baltic region announced is planning to merge its units in the Baltic States, "into one legal entity to further improve our operational efficiency and deliver improved customer services. The merger will not affect our services to the customers".

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Latvian insurers' aggregate loss from mandatory MTPL insurance was EUR 120,000 in 1Q2018, down from EUR 4.05 million in the same period last year, reports LETA, according to information released by the Motor Insurers' Bureau of Latvia (LTAB).

According to the year-end market figures published by FKTK (the Financial and Capital Market Commission), the Latvian insurance market totaled EUR 646 million at the end of December 2017, up by 21.4% y-o-y.

The mandatory MTPL insurance line will probably remain unprofitable in Latvia also in 2018 despite the tariffs going up by a significant amount, Latvian Insurers Association's President Janis ABASINS believes, quoted by LETA.

The Latvian insurance market totaled EUR 482.63 million at
the end of September 2017, or 15.21% more y-o-y, according to data
released by the Financial and Capital Market Commission (FKTK). At the
same time, the insurance companies paid EUR 262.12 million in claims
(1.77% more y-o-y).

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